All Compliance Week articles in Web Issue – Page 698
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Blog
Famous Dave's Promotes Chief Accounting Officer
Restaurant chain Famous Dave's of America has promoted John (Jack) Beckman as vice president, chief accounting officer, effective as of Feb. 16. Previously, Beckman was senior director, chief accounting officer of Famous Dave's. Details inside.
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Transparency Watchdog Calls for End to Money Laundering ‘Impunity’
Image: Title: UgazTransparency International is calling on governments around the world to join together to end money laundering. The group says authorities should make it their highest priority to prosecute individuals and banks for conducting illicit financial transactions. TI board chairman Jose Ugaz said the lack of senior ...
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The Logic Behind COSO’s ERM Framework Update
Even as compliance officers are still digesting the updated COSO framework for internal controls, COSO has set its sights on what’s next: an update to its enterprise risk management framework, likely to arrive sometime in 2016 or so. Why ERM? Why now? Inside, Compliance Week columnist Rick Steinberg walks us ...
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Feds: Employee Impersonated Firm’s President in SEC Inquiry
As I have noted here before, SEC enforcement actions are civil matters, meaning no matter how badly a defendant may lose the case he or she isn't going to prison. However, there is a one easy way to parlay this situation into jail time, and that is by perjuring yourself ...
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FASB, IASB Staff Call for Changes to Revenue Rules
Staff members of both the U.S. and international accounting rulemakers are recommending that their boards re-open their massive joint standard on revenue recognition to answer specific questions around implementation. The Joint Transition Resource Group has fielded nearly 40 issues that companies have encountered; FASB began to consider possible changes this ...
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Rolls-Royce Gets Rolled Into Petrobras Bribery Scandal
British engineering company Rolls-Royce Holdings is facing allegations that it paid bribes to Brazilian state-owned oil company Petrobras in exchange for a $100 million contract to provide gas turbines to power Petrobras oil rigs. Pedro Barusco, a former Petrobras senior executive, said he received at least $200,000 in bribes from ...
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Huron Consulting Group Names Chief Accounting Officer
Huron Consulting Group has appointed John Kelly as chief accounting officer and assistant treasurer, effective immediately. Kelly most recently served as controller since 2012. Details inside.
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Editor’s Note: Presidents Day Schedule
Compliance Week will publish one day late this week, on Wednesday, Feb. 18, due to the Presidents Day Holiday in the United States.
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ELM Arrives as New Compliance Buzzword
Image: We try to look cynically upon any slick new marketing campaign from the GRC software vendors, but occasionally something appears that does seem to have real substance. That may have happened earlier this month at LegalTech 2015 with its extensive discussion of “enterprise legal management.” The concept is a ...
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Video: What it Looks Like When Your GC is Wearing a Wire
In April, the criminal trial of former PetroTiger CEO Joseph Sigelman for alleged violations of the FCPA will begin in federal court in Camden, New Jersey. Prosecutors allege that Sigelman bribed a Colombian official at Ecopetrol SA, a state-run energy company, to win a contract for PetroToiger. The WSJ reports ...
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AICPA Offers Advice for Conflict Minerals Audits
The AICPA has published new guidance for conducting independent audits of companies asserting that their products are conflict-minerals free. Published in Q&A form, the guidance addresses the representation letters auditors should obtain from management as they review conflict- minerals reports.
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Compliance Risk Concepts Adds Two New Executives
Compliance Risk Concepts, a compliance consulting firm, has added two new senior executives to its team: Elin Cherry as principal and head of capital markets, and Roland Reyes as director of professional services. Details inside.
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Deloitte Names New CEO
Cathy Engelbert has been elected to chief executive officer of Deloitte, becoming the first female CEO of a major audit and consulting firm in the United States. Additionally, Mike Fucci has been elected to the position of chairman of Deloitte's board. Engelbert and Fucci will both begin their new roles ...
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Survey: Cyber-Risk Is Big, but Regulatory Risk Trumps Again
Image: In a recent poll by Protiviti and North Carolina State University of 277 board members and top executives, 67 percent identified regulatory risk as the top concern for the third time since the survey began. Protiviti managing director Jim DeLoach says, “The fact that this is so top of ...
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Minded Security Launches Tool to Counter Hidden Banking Malware
Software security company Minded Security is launching in the United Kingdom to combat hidden banking threats and protect banks against malware-based fraud with the Agentless Anti-malware Technology (AMT) Banking Malware Detector. Details inside.
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Prudential Financial Adopts New Clawback Policy
Prudential Financial this week adopted a new clawback policy covering all incentive-based compensation made to its executive officers in the form of stock options and other equity awards. "The policy, which marks an expansion of Prudential’s previous clawback policy, was adopted by the Board as part of its annual review ...
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MetricStream Launches New Cyber-Security Hub
Unified Compliance, developer of the Unified Compliance Framework, and MetricStream, a provider of GRC apps, plan to launch through a joint initiative a new cyber-security hub via MetricStream’s portal ComplianceOnline.com, a GRC advisory network and online community. The cyber-security hub will consolidate and connect all major cyber-security requirements in a ...
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Harvey Goldschmid Passes Away
Image: Columbia Law School Professor Harvey Goldschmid, a renowned corporate governance expert who served as a commissioner and the top attorney at the Securities and Exchange Commission, died this week from complications from pneumonia. “He was a true public servant, whose commitment to this agency lived long past the days ...
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Client Win: UKS Chooses Good Technology for Mobile Security
Good Technology, a security mobility solutions provider, announced that law firm Updike, Kelly & Spellacy has chosen Good Enterprise Suite to securely mobilize confidential client data throughout the organization. Details inside.
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AstraZeneca to Pay $7.9 Million for False Claims Act Violations
Drug maker AstraZeneca this week agreed to pay $7.9 million to the government to resolve allegations that it engaged in a kickback scheme in violation of the False Claims Act. “We will continue to pursue pharmaceutical companies that pay kickbacks to pharmacy benefit managers,” said acting Assistant Attorney General Joyce ...